Insurance is the part of Swiss finance most people forget, until they need it. It has its own law, the Insurance Supervision Act (ISA), and two very different regimes.
Insurance companies
Any company carrying on direct insurance or reinsurance business in or from Switzerland needs a FINMA licence. The requirements cover capital, a business plan, organisation, fit and proper people and, above all, solvency: Swiss insurers must pass the Swiss Solvency Test (SST), a risk-based capital model.
The revised Insurance Supervision Act, in force since 2024, introduced a more graduated approach, with lighter rules for small insurers and for insurers dealing only with professional clients.
Insurance intermediaries
Insurance brokers who are not tied to an insurer must register with FINMA before they can work. Registration requires professional qualifications, professional indemnity insurance or equivalent financial security, and compliance with rules of conduct towards clients, including information on remuneration. Tied agents work under the responsibility of their insurer.
Captives
Large groups sometimes set up their own insurer, a captive, to insure their own risks. Switzerland and Liechtenstein both host captives. Whether a Swiss captive makes sense depends on the group, the risks and the tax position, not on the prestige of the address.
What nobody tells you
Many financial advisers sell insurance products as part of wider wealth planning without realising that this can make them insurance intermediaries. If insurance is part of what you offer, check whether you need to register before your first client signs.
Setting up an insurance business or a brokerage in Switzerland? Contact FintechLex · insight@fintechlex.com
Last updated: October 2026. This article is general information, not legal advice.
